The consideration for the acquisition was $3,051,000 or 13.5 cents a share.

Mick Aw, chairman of ICP said the acquisition had been made based on the evaluation of various potential business opportunities and it was in line with ICP's strategy to capitalise on viable business opportunities, which could enhance ICP's shareholder value.

"ICP regards the acquisition as an opportunity to participate in the Australia coal exploration and mining industry and considers Tiaro Coal a compelling investment," Mr Aw said.

"The acquisition will also form the basis of a strategic relationship with China Qinfa Group Limited, a group that has coal trading and coal mining assets in China, he said.